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6627 Forney Branch Dallas, TX 75227

3 Beds 2 Baths 2,197 sqft Built 2007

$316,500

List Price

$2,030

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 2007
  • Price/Sqft : $144.06
  • 6 Days on Market
  • MLS # : 14460325
  • Updated Date : 11/03/2020 at 18:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,197 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

Gorgeous newer home in Gated Community with huge yard and backing to greenbelt! Come see this beautiful stone & brick energy star Morrison Home. Open floor plan with 3 bedrooms, 2 baths with Study. Meticulously maintained. Fantastic engineered hardwood floors & new carpet. Fabulous gourmet kitchen with granite countertops & island overlooking living & large back yard. Computer area too with granite. HUGE yard to run & play & entertain. Property backs to greenbelt with lots of trees to make you feel like you're in the country, yet close to the city. Two sheds. Approx. 7 miles from Dallas, White Rock Lake & so much more. Electrical transfer switch installed for generator use. New water heater & dishwasher.

SEE MORE

MARKET HIGHLIGHTS

  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)
  • Dallas metro's economy is worth $579 billion in Gross Metro Product and projected to grow to $613 billion in 2019 (USMayors.org, 2018)
  • Home to 20 Fortune 500 headquarters, 39 Fortune 1000 headquarters and 12 of Forbes' top private companies (Fortune)
  • Dallas metro contributes to 31.9%% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)
  • Dallas metro has 67.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Enclave at Wooded Creek

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320kPrice in $88k339k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Enclave at Wooded Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900200021002200Rent in $9452278

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Edna Rowe Elementary School Primary Regular 512 33 3
Harold Wendell Lang Sr. Middle School Middle Regular 1,016 68 3
Skyline High School High Magnet 4,790 283 3

Edna Rowe Elementary School

  • Education Level: Primary
  • # of students: 512
  • # of teachers: 33
3
GreatSchools Rating

Harold Wendell Lang Sr. Middle School

  • Education Level: Middle
  • # of students: 1,016
  • # of teachers: 68
3
GreatSchools Rating

Skyline High School

  • Education Level: High
  • # of students: 4,790
  • # of teachers: 283
3
GreatSchools Rating
 

$284,850$348,150$316,500

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,168
Property Tax -$750
Property Insurance -$154
HOA -$52
Property Management Fees -$99
CASH FLOW
-$193

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$316,500

PROJECTED PRICE

$2,030

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.74%
Appreciation Year (1-5) 10.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.69%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,623

INVESTMENT

$89,623

Down Payment
$79,125
Rehab Estimate
$5,750
Closing Costs
$4,748

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,168

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $79,125
Loan Amount $237,375
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$3,280

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,030

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $2,146

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,880
1$1,8802$2,0303$2,1854$2,450
$2,450
RENT COMPS ANALYSIS
  • 6627 Forney Branch Dallas, TX 2
    • 3 beds 2 baths ∙ 2,197 Sqft ∙ Built 2007 3 beds 2 baths ∙ 2,197 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $0.92
    •  
  • 6424 Everglade Road Dallas, TX 1
    • 4 beds 2 baths ∙ 1,968 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,968 Sqft ∙ Built 1999
    LEASED 10/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $0.96
    •  
  • 6915 Chackbay Lane Dallas, TX 3
    • 3 beds 2 baths ∙ 2,247 Sqft ∙ Built 2003 3 beds 2 baths ∙ 2,247 Sqft ∙ Built 2003
    LEASED 01/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,185
    • $0.97
    •  
  • 7050 Belteau Lane Dallas, TX 4
    • 3 beds 2 baths ∙ 2,460 Sqft ∙ Built 2011 3 beds 2 baths ∙ 2,460 Sqft ∙ Built 2011
    LEASED 09/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.00
    •  
PROPERTY LISTING DETAILS
Julie Bologna
Exp Realty Llc
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14460325
Last Updated: 11/03/2020
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